Are Basic Materials Stocks Lagging Newmont (NEM) This Year?

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Newmont Corporation (NEM) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.Newmont Corporation is a member of our Basic Materials group, which includes 236 different companies and currently sits at #15 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Newmont Corporation is currently sporting a Zacks Rank of #1 (Strong Buy).Over the past 90 days, the Zacks Consensus Estimate for NEM's full-year earnings has moved 25.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.Based on the most recent data, NEM has returned 119.6% so far this year. At the same time, Basic Materials stocks have gained an average of 22.1%. As we can see, Newmont Corporation is performing better than its sector in the calendar year.One other Basic Materials stock that has outperformed the sector so far this year is Novagold (NG). The stock is up 126.1% year-to-date.The consensus estimate for Novagold's current year EPS has increased 8.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).Breaking things down more, Newmont Corporation is a member of the Mining - Gold industry, which includes 39 individual companies and currently sits at #98 in the Zacks Industry Rank. This group has gained an average of 112.5% so far this year, so NEM is performing better in this area. Novagold is also part of the same industry.Investors with an interest in Basic Materials stocks should continue to track Newmont Corporation and Novagold. These stocks will be looking to continue their solid performance.Free Report: 3 Software Stocks Poised to SkyrocketSoftware stocks are poised to catapult higher in the coming months (and years) thanks to several factors, especially the explosive growth of AI. Zacks' urgent report reveals 3 top software stocks to own right now.Access the report free today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Novagold Resources Inc. (NG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks